Study guides, Class notes & Summaries

CIC COMMERCIAL MULTILINE EXAM QUESTIONS AND ANSWERS Possible first part losses (not all covered by insurance) - Answer-- a security breach typically results in costs/expenses to investigate the source - virus can result in loss of or damage to electronic data - ransomware infection - unauthorized user could make an extortion demand (cyber extortion) - malware then you have to clean the website - unauthorized person can cause vandalism - if personal or confidential files are breache...

CIC COMMERCIAL PROPERTY EXAM PREP QUESTIONS AND ANSWERS Business Income Coinsurance formula - Answer-Amount required = (Net Income + Operating expense) x Coinsurance Amount carried = Limit of insurance Carried/ Required = Recovery *This is opposite of property coinsurance did/ should. For BI it is should/did Determine how losses are settled under Agreed value - Answer-1) No coinsurance 2) Requires Business Income Reporting worksheets every 12 months Six Additional Coverages - ...

CIC COMMERCIAL PROPERTY EXAM QUESTIONS AND ANSWERS- LATEST

CIC COMMERCIAL PROPERTY EXAM QUESTIONS WITH ANSWERS What are the 3 types of property - Answer-Building, Business Personal Property, Property of Others Name the 5 types of building property: - Answer-FOAMS - fixtures, other, additions, machinery, service Name the 7 types of business personal property: - Answer-fixtures, machinery, stock, contents, labor/services/materials, TIBs, leased property which the insured has a contractual responsibility to insure Name the 5 types of property ...

CIC- COMMERCIAL PROPERTY EXAM QUESTIONS WITH COMPLETE ANSWERS What are the types of property not covered - Answer-1. Some excluded because it is customarily insured under another policy 2. Some excluded because it is relatively unsusceptible to loss 3. Some excluded because it's susceptible to loss 4. Exceptions made for certain types of property held for sale by named insured 5. Restricted coverage for certain types of property Additional covered property endorsement - Answer-Exp...

CIC COMMERCIAL PROPERTY EXAM STUDY QUESTIONS AND ANSWERS

CIC EXAM PREP CHAPTER #4 DOCUMENTATION EXAM QUESTIONS AND ANSWERS

CIC GENERAL LIABILITY TO STUDY EXAM QUESTIONS AND ANSWERS Pollution Exclusion Exceptions - Answer-- BI caused by heating equipment pollution - BI or PD if NI is a contractor at premises where owner has been added as additional insured (contractor does a gas line and there is a problem and you are AI) - BI or PD from hostile fire - release of fules from mobile equipment - materials brought into the building (like recently laid new carpet) - inferred exceptions: certain off prem or pr...

CIC- INSURANCE COMPANY OPERATIONS- CLAIMS- EXAM QUESTIONS AND ANSWERS

CIC- INSURANCE COMPANY OPERATIONS EXAM QUESTIONS WITH COMPLETE SOLUTIONS 2024